GMAC-RFC began marketing a new German backed true-sale mortgage securitization in the ashes of its parent, General Motors Corp.'s blow-out. GMAC-RFC plans to sell between 250 million and 300 million ($320.9 million to $385.1 million) of German home loans originated by its mortgage-financing unit based in Germany. The deal will be GMAC-RFC's first euro securitization following the GM and GMAC downgrades and Deutshce Bank Securities is lead manager on the deal.

The structure will incorporate true-sale but some sources question why the originator hasn't held off for the upcoming changes expected to facilitate the arrangement of German true-sale mortgage securitizations. "The structure seems really sophisticated to do," said one market source. "I would assume that because of current legislation the transaction will ensue an offshore SPV."

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